17 May 2012

Nigeria: SEC Seals Deal With Mauritius' FSC

The Securities and Exchange Commission (SEC) Wednesday signed a bilateral Memorandum of Understanding (MoU) with the Financial Services Commission of Mauritius, with the aim of further strengthening regulatory cooperation between the two jurisdictions.

The MoU was signed at the on-going International Organisation of Securities Commissions (IOSCO) annual conference in Beijing, China.

A statement from SEC said the signing of the bilateral MoU with Mauritius was the ninth deal so far entered by the commission with other jurisdictions.

"The other jurisdictions include China, Ghana, India, Kenya, Malaysia, South Africa, Tanzania and Uganda. The Nigeria and Mauritius stand to mutually benefit from the collaborative agreement especially in the areas of combating cross border financial crimes, increased attraction of investments and enhanced profile. Other areas of benefit include enhanced information sharing and capacity building which have become critical following the global financial crisis," SEC said.

The MoU is a veritable regulatory tool used by securities regulators to ensure effective regulation and strengthen securities markets worldwide.

And IOSCO initiated a mandatory Multilateral Memorandum of Understanding (MMoU) 10 years ago for its members to enhance cross-border cooperation, information sharing and capacity building. The organisation also encourages members to enter into bilateral memoranda of understanding to foster strong cooperation.

Meanwhile, the equities market witnessed a rebound yesterday after two days of losses.

The Nigerian Stock Exchange (NSE) All-share Index appreciated by 0.46 per cent to close at 22,524.67, compared with a decline of 0.58 per cent the previous day.

The bullish trend was spurred by Dangote Cement Plc, which led the price gainers with N2.69 to close at N112.00 per share.

Cadbury Nigeria Plc trailed with a gain of N0.78 to close at N16.48 per share.

Presco Plc, Forte Oil Plc and Berger Paints Nigeria Plc chalked up N0.75, N0.54 and N045 respectively.

GTBank Plc and Dangote Flour Mills Plc were also among the top price gainers for the day, garnering N0.34 and N0.33 in that order.

Conversely, Okomu Oil Palm Plc led the price losers with N1.71 to close at N32.49 per share. Lafarge Cement WAPCO Nigeria Plc trailed with a loss of N0.95, while Flour Mills of Nigeria Plc and Ecobank Transnational Incorporated declined by N0.63 and N0.35 respectively.

Investors traded 260.264 million shares worth N2.422 billion in 4,324 deals, led by the financial services sector. The sector accounted for 186.502 million shares worth N1.686 billion exchanged in 2,335 deals.

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